Age: Age is a very important factor that influences your eligibility for a personal loan. Younger applicants who are in their early 20s are more likely to qualify for a personal loan than people who are in their 50s, because young ones have enough time to earn and repay the loan.
Monthly income: Income is the direct reflection of repayment capacity. Generally, income depends on the city you live in and the lenders you are applying with. The higher your income, the better for you.
Credit score: Since a personal loan is an unsecured loan, credit score plays a crucial role in application for a personal loan. Credit score shows how responsible you are in handling your debts. Generally, a credit score of 750 or above is considered perfect for a personal loan.
Job and work stability: Job stability and the organization you work with are amongst the most important factors that lenders look into before processing a personal loan application. It gives a clear picture of a regular stream of income. Salaried individuals should have at least 2 years of work experience and should have worked for at least 1 year in their job. A self-employed person needs to have a minimum of 5 years of total experience and at least 2 years of experience in their current business.